Russia’s Arctic-2 LNG project to start operations later this year
- August 19, 2023
- Posted by: Quatro Strategies
- Categories: Europe, Oil & Gas
The Arctic-2 LNG project, led by Russian company Novatek, is progressing as scheduled with its first phase expected to start operation later this year. The project includes various international partners, including China National Offshore Oil Corporation (CNOOC), which holds a 10% stake.
Novatek is the majority stakeholder with a 60% share, while other participants include French energy company TotalEnergies, China National Petroleum Corporation (CNPC), and a consortium consisting of Mitsui & Co. and JOGMEC from Japan, each holding a 10% stake.
According to Xie Weizhi, the Chief Financial Officer of CNOOC, all partners have been continuing to finance the project as planned, indicating that funding is on track and there are no indications of delays. This aligns with the stance of Chinese state energy companies to proceed with existing projects in Russia while refraining from committing to new investments.
The Arctic-2 project is part of Russia’s efforts to tap into its extensive Arctic resources and expand its liquefied natural gas (LNG) production capacity. It represents a significant collaboration between multiple international partners to develop and export LNG from the Arctic region.
Interested in learning more?
Sign up for Top Insights Today
Top Insights Today delivers the latest insights straight to your inbox.
You will get daily industry insights on
Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.
Read more insights
De Beers to invest $1 billion in Botswana mine amidst diamond market challenges
De Beers, a leading global diamond company, has affirmed its commitment to a planned $1 billion investment aimed at extending the operational life of its flagship Jwaneng mine in Botswana. This decision comes amidst the prevailing downturn in the demand for diamonds…
China’s inflation hits five-month low as deflation persists in industrial sector
China’s economic challenges intensified in November as consumer inflation hit a five-month low and producer prices remained in deflation for the 26th consecutive month. The Consumer Price Index (CPI) rose just 0.2% year-on-year, below expectations, as fresh food prices dropped by 2.7%, aided by unseasonably warm…
Platinum market faces most significant supply deficit in a decade
The platinum market is facing its most significant supply deficit in a decade in 2024. This deficit is attributed to the return of Russian shipments to normal levels after the highs of the previous year, coupled with steady industrial demand. All platinum group metals (PGM) – including platinum, palladium, and rhodium…